STORY HIGHLIGHTS

The Telegraph investigation claimed he offered advice to a bogus group of Far East businessmen on how to get around player transfer rules

England's Football Association (FA) announced on Tuesday that England manager Sam Allardyce had been asked to go after he was found negotiating a deal with a group of bogus Far East businessmen looking to get around FA and FIFA rules on player transfers.

British newspaper The Daily Telegraph conducted a sting operation in which Allardyce revealed England's failings to businessmen with interests in Hong Kong and Singapore, Reuters reported.

The deal with the bogus Far East frim was worth 400,000 pounds ($520,840).

"Allardyce's conduct, as reported today, was inappropriate of the England manager. He accepts he made a significant error of judgement and has apologised," AFP reported the FA as saying.

"However, due to the serious nature of his actions, The FA and Allardyce have mutually agreed to terminate his contract with immediate effect," the FA announced on Tuesday.

"This is not a decision that was taken lightly but The FA's priority is to protect the wider interests of the game and maintain the highest standards of conduct in football," the FA was quoted as saying by Reuters.

Gareth Southgate will be in charge for the next four matches while the FA looking for a replacement for Allardyce.